The income approach sums the factor incomes to the factors of production.

The output approach is also called the "net product" or "value added" approach.

Grossdomesticproduct is one method of understanding a country's income and allows for comparison to other countries .

This method consists of three stages:
Estimating the gross value of domestic output;
Determining the intermediate consumption, i.e., the cost of material, supplies, and services used to produce final goods or services;
Deducting intermediate consumption from gross value to obtain the net value of domestic output.

Identify features of the economic business cycle
The term business cycle refers to economy-wide fluctuations in production, trade, and general economic activity.

The term "business cycle" (or economic cycle or boom-bust cycle) refers to economy-wide fluctuations in production, trade, and general economic activity.

From a conceptual perspective, the business cycle is the upward and downward movements of levels of GDP (grossdomesticproduct) and refers to the period of expansions and contractions in the level of economic activities (business fluctuations) around a long-term growth trend .

Business cycle fluctuations occur around a long-term growth trend and are usually measured by considering the growth rate of real grossdomesticproduct.

The NBER identifies a recession as "a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production